The stock market has not adjusted to independent FOMC voting and still trades as if the Fed chair alone controls all votes.

Getting off forward guidance is like coming off heroin, cold turkey would have been the better approach, and markets are becoming more volatile as the Fed slowly backs away from it.

“Getting off forward guidance is like coming off smoking or I'd say heroin actually but there's a family broadcast here. It's just hard to get off of it and the market is becoming more volatile as we slowly back away and I kind of think right now cold turkey would have been the better idea.”

The stock market has not adjusted to the new reality of independent FOMC voting and still trades as if the Fed chair alone controls all 12 votes, causing whipsaw reactions to individual voter statements.

“I don't think the stock market's gotten the memo. They still think it's only one guy, the Fed chairman, parse every syllable he says, he will tell the other 11 how they can vote, when they can go to the bathroom and that's kind of the way the world the Fed works.”